Real Estate License (by David [NC]) Jan 9, 2018 3:01 PM|
Real Estate License (by AllyM [NJ]) Jan 9, 2018 3:27 PM
Real Estate License (by Landlord ofthe Flies [TX]) Jan 9, 2018 3:40 PM
Real Estate License (by Julie [KS]) Jan 9, 2018 4:15 PM
Real Estate License (by melinda [MD]) Jan 9, 2018 4:35 PM
Real Estate License (by Mike SWMO [MO]) Jan 9, 2018 6:20 PM
Real Estate License (by NC INVESTOR [NC]) Jan 10, 2018 8:44 AM
Real Estate License (by George [NJ]) Jan 10, 2018 8:48 AM
Real Estate License (by Ray-N-Pa [PA]) Jan 10, 2018 7:24 PM
Real Estate License (by David [NC]) Posted on: Jan 9, 2018 3:01 PM
So I am going to be taking the 75 hour real estate class soon and the main reasons are for my own education and the possibility of creating a property management company when I retire. In NC you either need to be or hire a broker to be a property management company. I figure after a number of years of managing my own stuff I should be able to manage other peoples stuff.
Now I know several brokers and they have both said take the classes but don't get your license. I am curious as to why they would say that and what other's experiences in this area are.
What say you guys?
Real Estate License (by AllyM [NJ]) Posted on: Jan 9, 2018 3:27 PM
My guess would be that they don't want you competing with them as a broker and want you to pay them for broker services. I took the real estate course so long ago that the test was only given in Newark here in the state of NJ. I wa afraid to go to Newark by myself. Later I worked for the company that developed the real estate test and they offered it in many sites across NJ. I could have launched myself into a very lucrative business very much sooner. Take the broker test. --73.33.xxx.xxx
Real Estate License (by Landlord ofthe Flies [TX]) Posted on: Jan 9, 2018 3:40 PM
It's worth it just to be able to have access to MLS and a Supra key. I'm licensed, as a salesperson. It's great being able to post a rental in MLS. That's the only advertising I do. I still screen, but the other agent is responsible for filling out the forms, showing the rental and getting the app fees submitted.
I don't get calls about S8, and most agents won't waste their time with a deadbeat. Most of the people I get from MLS postings are corporate relocations from another state that usually stay beyond their 1yr lease.
Just remember, having a license opens you up to more liability and responsibility during the transaction, and you must disclose that you're an agent. Pay close attention to the Laws of Agency classes. --108.69.xxx.xxx
Real Estate License (by Julie [KS]) Posted on: Jan 9, 2018 4:15 PM
In KS, (like most other states) to have a RE license you have to have a broker.
I have a license, which is inactive.
Fees for the local Board of Realtors, which requires you belong to the state Board of Realtors, which requires you belong to the national Board of Realtors. Plus fees to belong to the MLS. Plus fees to use the required forms of the local Board of Realtors. Plus fees for the lockboxes & key. Plus the 1.5% your broker takes for hanging your license with them. After you've split the 6% with the co-oping agent. Just the fees & dues alone to belong to all of the boards & MLS cost me over $5K a year.
When you're not selling $100K houses it takes a while to re-coup those fees, dues & charges. If you can.
And to be a broker in KS you have to do a minimum number of deals a year before you can even take the class & sit for the test.
I learned a lot from taking the class. I don't have to be licensed in KS to offer property management services. It was disappointing how small my checks were when selling. And I wasn't what I would call a "part time" or "hobby" agent. We aren't in an area where there a lot of listings & houses typically don't sell at $100K. But most agents & brokers view property management as wayyyy beneath them as well as the entire investment community. But I'm not living on rice & beans like most agents around here have been since 2014 when the oilfield & ag economy died. And they don't understand how and/or why my rental income & my clients rental income just keeps growing.
Real Estate License (by melinda [MD]) Posted on: Jan 9, 2018 4:35 PM
Best of luck to you. Having access to the MLS is a good thing. Selling and Listing properties is a hassle. You will earn every dollar you make. --24.233.xxx.xx
Real Estate License (by Mike SWMO [MO]) Posted on: Jan 9, 2018 6:20 PM
Read Julie's (KS) post again --71.28.xxx.xxx
Real Estate License (by NC INVESTOR [NC]) Posted on: Jan 10, 2018 8:44 AM
You can take all the classes you want but without passing the state issued exam and getting a license your status as a PM is no more valid than someone who never took the classes. If your goal is to not have to pay a broker for managing your properties or long term to have a management firm YOU NEED THE LICENSE.
I have no idea why they would advise you to go through the training only to walk away from the benefits. Are you currently using them and they don't want to lose our business?
As for fees. You are not required to join the MLS. If you do plan on buying and selling then yes you will need it. I'm in Charlotte and each Realtor association has different costs. I pay a total of $1,350/year for MLS access and NAR dues. These are tax deductible. You will be required to take 8 hours of CE classes a year (2 - 4 hr classes) one is a rules update which is mandatory and the other is an elective you pick based on your interest.
Both classes will cost a total of $115 plus your license renewal of $45.
A few years ago they required all new brokers to be provisional brokers requiring two years of supervision. However as a sole proprietor you can apply for broker in charge. Your RE experience would qualify and you would need to take the broker in charge class (12 hours of pure joy).
I think it's a great idea. Good luck. --71.75.xx.xx
Real Estate License (by George [NJ]) Posted on: Jan 10, 2018 8:48 AM
I had a RE license while I was building new homes, buying lots and selling the homes. It was great having access to the MLS and the Supra key when I was buying rentals, even on out of state deals I was able to get part of the commission. I originally got the license because I hated having so many monkeys in he middle of my deals, it was like the game of telephone. I've let it go since Im not buying lately, but wold relicense if I were to go into a buying spree. The fees are too much to let sit dormant. --70.44.xxx.xxx
Real Estate License (by Ray-N-Pa [PA]) Posted on: Jan 10, 2018 7:24 PM
When I was stationed in San Diego, I took real estate practices and principles so that I would know the process that much better.
I never did get a license, as it was never in my best interest to disclose any expertise in the industry. I have had a real estate broker rent an office from me since 2002. I have all the info that I can possibly need as it is force feed to me. --24.101.xxx.xxx